MIRA INFORM REPORT

Report Date :

26.04.2013

IDENTIFICATION DETAILS

Name :	UNIQUE COLOUR GEMS BVBA

Registered Office :	Schupstraat 9, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	31.12.2011

Date of Incorporation :	26.08.1991

Com. Reg. No.:	444918808

Legal Form :	Private Limited Company

Line of Business :	Wholesaler of diamonds and other precious stones

No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Belgium

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

belgium ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

company summary

Business number	444918808
Company name	UNIQUE COLOUR GEMS BVBA
Address	SCHUPSTRAAT 9
	2018 ANTWERPEN
Number of staff	0
Date of establishment	26/08/1991
Telephone number	-
Fax number	-

accounts

Date of latest accounts	Turnover	Profit Before Tax	Net worth	Working capital
31/12/2011		1,112	-28,837	-39,808
31/12/2010		-4,029	-29,362	-42,529
31/12/2009		388	-26,807	-43,712

Accounts

Date of latest accounts	Balance Total	Number of Employees	Capital	Cashflow
31/12/2011	2,596,132	0	18,600	4,804
31/12/2010	2,537,581	0	18,600	1,991
31/12/2009	2,295,299	0	18,600	7,721

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	-
Industry average payment expectation days	174.77	Industry average day sales outstanding	108.66
Day sales outstanding	-

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	07/12/2009
Business number	444918808	Company name	UNIQUE COLOUR GEMS BVBA
Fax number	-	Date founded	26/08/1991
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0444.918.808
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel (NSSO classification)

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

JIC Code	324.02
Description	JSC small merchandisers in the diamant industry and trade
category

comparison mode

average

median

Export accounts to CSV file

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	49,527,631	-
Total operating expenses	-	-	-	-	-	48,890,358	-
Operating result	-1,693	52.31	-3,236	-246	2,207	238,466	-100
Total financial income	3,936	72377	5	-98.01	273	148,968	-97.36
Total financial expenses	1,131	41.56	799	-61.82	2,093	287,728	-99
Results on ordinary operations before taxation	1,112	27.60	-4,029	-1139	388	84,458	-98.68
Taxation	587	-39.86	976	42.96	-2,271	37,844	-98.45
Results on ordinary operations after taxation	525	10.50	-5,005	-288	2,658	59,254	-99
Extraordinary items	0	-100	2,449	-	0	3,201	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	525	20.56	-2,556	-196	2,658	62,339	-99
other information
Dividends	-	-	-	-	-	147,735	-
Director remuneration	-	-	-	-	-	115,275	-
Employee costs	47	-	-	-	-143	127,998	-99
Wages and salary	-	-	-	-	-	108,777	-
Employee pension costs	-	-	-	-	-	8,542	-
Social security contributions	-	-	-	-	-	27,123	-
Other employee costs	47	-	0	0	-143	3,607	-98.71
Amortization and depreciation	4,279	-5.90	4,547	-10.18	5,062	18,309	-76.63

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,462	-100
Tangible fixed assets	10,550	-17.23	12,746	-22.68	16,484	177,648	-94.06
Land & building	-	-	-	-	-	346,034	-
Plant & machinery	2,628	224	809	155	317	21,826	-87.96
Other tangible assets	7,921	-33.64	11,937	-26.17	16,167	24,613	-67.82
Financial fixed assets	421	0	421	0	421	276,884	-99
Total fixed assets	10,971	-16.68	13,167	-22.11	16,905	363,620	-96.98
Inventories	1,157,886	-27.30	1,592,624	19.17	1,336,437	3,060,929	-62.17
Raw materials & consumables	-	-	-	-	-	4,101,634	-
Work in progress	0	-	0	-	0	2,462	-100
Finished goods	0	-	0	-	0	2,049,305	-100
Other stocks	1,157,886	-27.30	1,592,624	19.17	1,336,437	470,366	146
Trade debtors	1,262,104	61.02	783,817	33.27	588,138	3,888,007	-67.54
Cash	129,795	19.11	108,969	-65.50	315,848	239,603	-45.83
other amounts receivable	30,713	-7.01	33,029	1.15	32,654	245,153	-87.47
Miscellaneous current assets	4,663	-21.95	5,974	12.37	5,316	21,392	-78.20
Total current assets	2,585,161	2.41	2,524,414	10.80	2,278,394	6,943,733	-62.77
current liabilities
Trade creditors	1,800,811	-7.93	1,955,985	-8.53	2,138,476	2,777,715	-35.17
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	1,895,458	-100
Miscellaneous current liabilities	824,158	34.90	610,958	232	183,629	122	- -
Total current liabilities	2,624,969	2.26	2,566,943	10.54	2,322,105	4,926,143	-46.71
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	142,929	-100
Total long term debts	0	-	0	-	0	597,953	-100
shareholders equity
Issued share capital	18,600	0	18,600	0	18,600	1,022,392	-98.18
Share premium account	-	-	-	-	-	108,219	-
Reserves	-47,437	98.90	-47,962	-5.63	-45,407	695,355	-106
Revaluation reserve	-	-	-	-	-	815,555	-
Total shareholders equity	-28,837	98.21	-29,362	-9.53	-26,807	1,739,095	-101
Working capital	-39,808	93.60	-42,529	97.30	-43,712	2,017,589	-101
Cashflow	4,804	141	1,991	-74.21	7,721	77,438	-93.80
Net worth	-28,837	98.21	-29,362	-9.53	-26,807	1,737,632	-101

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-	-	-	-	-	-744,00	-
Return on capital employed	-3.86	-128	13.72	946	-1.45	-14,00	27.57
Return on total assets employed	0.04	25.00	-0.16	-900	0.02	-34,00	0.12
Return on net assets employed	-3.86	-128	13.72	946	-1.45	-12,00	32.17
Sales / net working capital	-	-	-	-	-	67,00	-
Stock turnover ratio	-	-	-	-	-	67,00	-
Debtor days	-	-	-	-	-	58.055,00	-
Creditor days	-	-	-	-	-	328,00	-
short term stability
Current ratio	0.98	0	0.98	0	0.98	4,00	-94.56
Liquidity ratio / acid ratio	0.54	50.0	0.36	-12.20	0.41	3,00	-82.00
Current debt ratio	-91.03	-4.13	-87.42	-0.92	-86.62	18,00	-605
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	265,00	-
Equity in percentage	-1.11	95.69	-1.16	99	-1.17	-1.079,00	0.10
Total debt ratio	-91.03	-4.13	-87.42	-0.92	-86.62	19,00	-579

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	174.77
Industry average day sales outstanding	108.66

Industry quartile analysis

Payment expectations
Company result	-
Lower	121.46
Median	72.36
Upper	40.99

Day sales outstanding
Company result	-
Lower	105.52
Median	54.72
Upper	23.72

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	444918808
Name of defendant	UNIQUE COLOUR GEMS
Legal form of defendant	Private limited liability company
Date of summons	09/11/2009
Labour court	ANTWERPEN

Bankruptcy details


There is no bankruptcy data against this company

Legal events

Legal event type	Social Security Summons
Legal event sub type
Event date	07/12/2009	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Legal event type	Social Security Summons
Legal event sub type
Event date	09/11/2009	Secondary event date
Court number		Registry body identfier
Court type	Employment Court	Court name	Antwerpen
3rd party name	Rijksdienst voor Sociale Zekerheid	3rd party type	Summoning Party
3rd party address

Current director details

Name	JAI KISHAN JAJOO
Position	Principal Manager
Start Date	07/11/2009
Street
Post code
Country	United States

Former director details

Name	AJAY KISHAN JAJOO
Position	Principal Manager
Start Date	26/10/1994
End Date	31/03/2008
Street	32 QUINTEN MATSIJSLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	RAM KISHAN JAJOO
Position	Director
Start Date	21/08/1997
End Date	-
Street
Post code
Country	India

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds. It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C. India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.17
UK Pound	1	Rs.82.99
Euro	1	Rs.70.62

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions